Common use of Electronic Registration Clause in Contracts

Electronic Registration. In the event that the electronic registration system (hereinafter referred to as the “Teraview Electronic Registration System” or “TERS”) is operative in the applicable Land Titles Office in which the Property is registered, then at the option of the Vendor’s solicitor, the following provisions shall prevail, namely: (a) The Purchaser shall be obliged to retain a lawyer in good standing with the Law Society of Ontario to represent the Purchaser in connection with the completion of the transaction, and shall authorize such lawyer to enter into an escrow closing agreement with the Vendor’s solicitor on the latter’s standard form (hereinafter referred to as the “Document Registration Agreement”), establishing the procedures and timing for completing this transaction; (b) The delivery and exchange of documents, monies and keys to the Property and the release thereof to the Vendor and the Purchaser, as the case may be: i) in the event of electronic registration of documents, the Purchaser shall pay to the Vendor on the Closing Date the sum of $200.00 plus HST to reimburse the Vendor for the cost incurred with respect to electronic registration; ii) shall not occur contemporaneously with the registration of the Transfer/Deed (and other registerable documentation); and iii) shall be governed by the Document Registration Agreement, pursuant to which the solicitor receiving the documents, keys and/or certified funds will be required to hold same in escrow, and will not be entitled to release same except in strict accordance with the provisions of the Document Registration Agreement.